Filing for Chapter 7 bankruptcy with the guidance of a Dallas bankruptcy attorney can help you save money if you are losing your home through foreclosure. When you file for Chapter 7, foreclosure can be delayed for several months and an automatic stay will be ordered to keep creditors from hounding you. In effect, you may be able to pocket excess funds.
For example, consider this scenario. Your mortgage payment is $1,700 monthly. When you file for Chapter 7 and no longer have to make payments for at least 3 months, you will have saved more than $5,000.
If your lender decides to file a motion to lift the automatic stay and is successful in doing so, you would still get some free months in your house because of the normal delays associated with the foreclosure process. Time is also on your side because the new owner or bank may not be quick to pursue an eviction through the necessary channels.
An attorney who has handled many Chapter 7 bankruptcy cases can answer all of your questions about how bankruptcy affects the foreclosure process. The sooner you consult an attorney, the sooner you can be on your way to starting afresh financially.
Contacting a Dallas Bankruptcy Attorney
At Warren & Migliaccio, our goal is to protect you and your family so that you can take the necessary steps to plan proactively for your future. When financial circumstances outside of your control threaten your wellbeing, take control of your situation by contacting our Dallas law firm. We’ll explain bankruptcy rules of procedure and guide you through the legal process so you can make informed decisions and choose the best course of action. If a personalized, teamwork-driven approach sounds like what you need for your case, call 1-888-584-9614 today to contact us. We’re here to help.